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Does Homeowners Insurance Cover Tenant Vandalism?
Homeowners insurance for rental property, sometimes called landlord insurance, is meant to help you protect your home from common risks, which can sometimes be the people who are sharing your home with you. When a tenant causes damage to our property, you may feel you need to file a claim for your losses, but you may not know when to do so. There are a few key instances that can show the importance of proper residential insurance here.
When Does Home Insurance Cover Vandalism from Your Tenants?
When you choose tenants for your home, chances are good you have spent a lot of time determining who is the right fit. A component of that is screening. Yet, even in the best situation, you may find yourself unable to know what the tenants could do. In some cases, they may cause damage to your property. Whether it falls under insurance depends on a variety of factors.
First, your insurance policy should note that it is a rental. Your agent needs to know that when establishing the plan. Then, consider the incident. Home insurance policies for rental properties do not cover normal wear and tear on the property. This includes damage to carpeting from spills, damage to walls from routine use or small accidents, or other types of normal use damage.
It can cover some instances of damage to the property if it is true vandalism. This would be determined to be extensive damage that is brought on by the tenant’s desire to do harm to the property. Many times, the home insurance company would require you to file a police report in order to file a vandalism claim. That is important since it can determine the overall risk factors you are facing.
If you are unsure if the damage you have qualifies as true vandalism, be sure to speak to your home insurance agent about it. They can access the damage and make a decision about the losses.
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Homeowners Insurance for Your Rental Property
As noted, it is important to have quality homeowners insurance for your rental. Your agent needs to know how the property is used on a routine basis in order to provide you with the best level of coverage. Many factors play a role in this. You may need more liability insurance, for example, in a rental property. The risk of someone being hurt on your property is higher when the owner is not present. Your agent will also want to address any concerns regarding the value or type of coverage you have.
It is also important to encourage your renters to carry their own renter’s insurance. It protects their property and their liability risks, which you do not have to do with your own policy.
Does Homeowners Insurance Cover Vandalism?
In general, home insurance policies provide coverage for vandalism. There are many limits to this. For example, if the neighborhood kid hits a baseball into a window, you may be able to file a claim against your property insurance. However, it is not considered vandalism because it was not done purposefully. Rather, if someone broke into your home and damaged all of the walls with the bat, that could be considered vandalism.
The key to vandalism is filing a police report. Home insurance for vandalism can be extensive, covering the damage repairs as well as providing protection for lost items destroyed in the process.
Unoccupied Home Insurance – When Someone Else Breaks In
If you have an unoccupied home, let your home insurance company know about this right away. Unoccupied home insurance is harder to find. Most companies will only provide policies for homes that are fully occupied by the owner. That is because a vacant home is a high-risk structure, one that is more likely to be broken into and damaged. If your home is unoccupied, and you do not tell your insurance agent this, your policy may not be valid.
Homeowners Insurance Coverage for Vandalism at Your Home
Homeowners insurance for vandalism at your own home is available to you under the same rules. However, vandalism cannot be caused by someone living in the home. For example, if your child causes damage due to an argument, your insurance policy cannot provide coverage. If you do damage to your property intentionally, your policy does not cover this.
Update Your Home Insurance Policy to Match Use and Risks Annually
It is always important to have proper insurance in place. To do that, you need to update your home insurance policy at least one time every year. Speak to your agent about the coverage you have. Talk about ways to upgrade it to ensure there is ample protection for every risk that you face whether you are renting your home or not.
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